To say Facebook stock has struggled since their May IPO is an understatement, and the company continues to see the price fall on the heels of a report from BMO Capital.

Today, Facebook stock hit a new all-time low, at just over $18. As it stands, the price is fluctuating a couple of cents, hovering just over the $18 mark. This is well-under half of the initial offering price, which was $38.

BMO Capital’s Daniel Salmon told Bloomberg that “Checks on near-term paid media spending remain challenged.” In other words, Facebook is still struggling to monetize. Salmon cut his price estimate on shares from $25 to $15.

Although Facebook stock has been on a consistent and gradual decline since the IPO, share price really took a pounding earlier this month when the lockup period requiring shareholders to hold on to stock for a designated amount of time finally came to a close. Shortly after that, the price tanked to its then-lowest point $19.76.

A few days later, it finally crossed the $19 mark, touching down at $18.75. But it didn’t close at under $19. Today may be the first day that Facebook stock closes sub-$19.

As of the writing of this article, the price sits at $18.08, which is down 5.28% since its opening price today. It’s lowest point today was $18.06.

And this is Facebook’s stock price from the IPO day (May 18th) to now…